Sunday 7 February 2010

Britain's creditworthiness declines further

CMA have published their fourth quarter of 2009 report on the sovereign debt market, and the UK's implied credit rating has gone down further, to "AA". This now puts us in the same category as Italy, Spain and Portugal; of the "PIIGS" group of risky major Western European countries, only Greece and Ireland are in a worse position (and both of those have worsened considerably in the six months since Q2 of 2009).

The costly economic stimulus appears to be failing, from a longer perspective. Some think (see previous post) that the latest central bankers' meeting in Australia is in the nature of a secret emergency conference, despite having been planned last year.

Secrecy is worrying - I am somehow reminded of the closed session of the US House of Representatives Congress in March 2008 (only its sixth secret session in nearly 200 years). Ostensibly this was about anti-terrorist measures, but some of the conspiracy buzz this caused on the Internet turns out to have been justified in the light of subsequent developments.

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